Alfi (NASDAQ:ALF) stock isn’t doing so hot on Wednesday despite being a favorite of traders over on Reddit.
Let’s take a dive into ALF stock below to get new traders up to speed!
- Alfi is an interactive intelligent AI and machine learning company.
- It was conceptualized in 2016 and incorporated in 2018.
- It uses computer vision and machine learning algorithms to sense human behavior.
- This has can allow it to provide metrics to users without infringing on customer privacy.
- The most recent news concerning the company has to do with a partnership with marijuana company Grove (NASDAQ:GRVI).
- This will have Alfi promoting Grove’s hemp and CBD products to customers of ride-sharing services Uber (NYSE:UBER) and Lyft (NASDAQ:LYFT).
- Both of these companies have Alfi tablets in their vehicles to serve ads and entertain passengers.
Allan Marshall, CEO of Grove, said the following about its deal with ALF.
“We hope this turns into a multi-million-dollar partnership with Alfi. Grove, like all companies in the space, remain restricted to mainstream advertising availability, focusing on technology solutions, and leveraging Alfi’s unique ad platform should further growth across all of our brands. This launch of our first DOOH ad campaign sets the foundation for future investments in ad tech, which will be paramount for an industry that still has conventional advertising restrictions.”
Unfortunately, the Grove deal failed to excite investors in ALF stock. As of this writing, some 10 million shares have changed hands. That’s still well below its daily average trading volume of about 15.2 million shares.
ALF stock was down 8.7% as of Wednesday afternoon but is up 219.3% since the start of the year.
We’ve got more hot stock news for investors to check out below!
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On the date of publication, William White did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.
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